Deal struck for Pacific Continental Bank to buy Capital Pacific Bank

Portland bank acquired for $42 million.

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Portland bank acquired for $42 million.

Capital Pacific shareholders have an option to receive $16 per share in cash or 1.132 shares of stock or a combination of cash and stock. The deal has been approved by the boards of both banks.

The deal combines two banks known for banking nonprofits. Pacific Continental has about 1,100 nonprofit customers. Capital Pacific has about 200.

Read more at the Portland Business Journal.

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